Live commerce, changing the paradigm of shopping

Minjun Son

2021. 10. 19

Image Source: Sauce live

                  As we become accustomed to untact life, many aspects of our lives have changed. There was also a major change in consumption patterns. The proportion of online consumption exceeded that of offline consumption for the first time in January last year, and the proportion of online consumption is gradually increasing.

             While the open market and social commerce were competing by stating their strengths, a new consumption method with the strengths of the two emerged. Live commerce, a compound word of live streaming and e-commerce, has a short distribution path like an open market and low barriers to entry like social commerce. The seller communicates with the consumer in real time on a specific platform and sells what he or she wants to sell. In live commerce, you can sell anything you want to sell, such as moving real estate, real estate, or intangible assets.

             Live commerce is freer and more honest than traditional sales methods. Just like Generation MZ. Due to live streaming, the broadcast proceeds in real time. Of course, they prepare thoroughly in advance, but many variables occur due to the nature of the live broadcast. Here, broadcast hosts must constantly communicate with viewers in real time. Therefore, live commerce is emerging all over the world, including the MZ generation.

             This is not just a Korean trend. This epidemic, which started in China, has spread beyond China, to East Asia, and to the world. A report (Ebest Investment & Securities Research Center) predicted that the domestic live commerce market, which was 3 trillion won in 2020, will grow to about 8 trillion won by 2023. In Korea, Naver entered the live commerce market in March last year and Kakao in May.

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